Lei Wu Sells 1,000 Shares of GigaCloud Technology Inc. (NASDAQ:GCT) Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 1,000 shares of the stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $31.86, for a total transaction of $31,860.00. Following the completion of the sale, the chief executive officer now directly owns 1,258,816 shares of the company’s stock, valued at $40,105,877.76. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Lei Wu also recently made the following trade(s):

• On Monday, April 8th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $33.07, for a total transaction of $661,400.00.
• On Thursday, April 4th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $36.39, for a total transaction of $727,800.00.
• On Monday, April 1st, Lei Wu sold 1,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $29.53, for a total transaction of $29,530.00.
• On Tuesday, March 26th, Lei Wu sold 6 shares of GigaCloud Technology stock. The stock was sold at an average price of $27.64, for a total transaction of $165.84.

GigaCloud Technology Stock Down 6.1 %

Shares of GCT stock opened at $31.75 on Friday. GigaCloud Technology Inc. has a 12-month low of $4.93 and a 12-month high of $45.18. The company has a market capitalization of $1.29 billion, a P/E ratio of 13.80 and a beta of 2.26. The firm has a 50-day moving average price of $32.41 and a 200 day moving average price of $20.32.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings results on Friday, March 15th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.29. The firm had revenue of $244.74 million during the quarter, compared to the consensus estimate of $220.30 million. GigaCloud Technology had a net margin of 13.37% and a return on equity of 36.40%. As a group, research analysts expect that GigaCloud Technology Inc. will post 2.58 earnings per share for the current year.

Institutional Investors Weigh In On GigaCloud Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Morgan Stanley acquired a new stake in GigaCloud Technology in the 4th quarter valued at about $25,000. State of Wyoming acquired a new stake in shares of GigaCloud Technology during the 2nd quarter worth approximately $27,000. CWM LLC acquired a new stake in shares of GigaCloud Technology during the 4th quarter worth approximately $30,000. Quarry LP acquired a new stake in shares of GigaCloud Technology during the 4th quarter worth approximately $47,000. Finally, UBS Group AG acquired a new stake in shares of GigaCloud Technology during the 3rd quarter worth approximately $61,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm raised their price objective on shares of GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, April 2nd.

GigaCloud Technology Company Profile

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise in the United States and internationally. The company offers GigaCloud Marketplace integrates product discovery to payments to logistics tools into one easy-to-use platform. Its marketplace connects manufacturers primarily in Asia with resellers in the United States, Asia, and Europe to execute cross-border transactions across furniture, home appliance, fitness equipment, and other large parcel categories.